Update to Equity Council

{
  "description": "Map industry economics and discover a defensible universe of listed investment candidates, including indirect beneficiaries, exclusions, and coverage gaps.",
  "included_files": [
    {
      "relative_path": "agents/openai.yaml",
      "size_in_bytes": 241
    }
  ],
  "name": "equity-universe",
  "skill_md_contents": "---\nname: equity-universe\ndescription: Map industry economics and discover a defensible universe of listed investment candidates, including indirect beneficiaries, exclusions, and coverage gaps.\n---\n\n# Industry economics and candidate universe\n\nIdentify which publicly traded businesses capture an industry's economics over the user's horizon. Read the [operating contract](../../references/operating-contract.md) and use the director's initial plan. For a standalone request, publish a short scope and procedure before executing. The default is 5–10 years; do not substitute a near-term momentum screen.\n\n## Investigation\n\n1. Define the industry by products, customer jobs, substitutes, geography, and value-chain boundaries. Separate the economic universe from the allowed listing universe. Use the [sector lenses](../../references/sector-lenses.md) for relevant mechanisms and tangential investigations.\n2. Map the flow of demand, spending, and profits through suppliers, producers, distribution, complements, and customers. Identify scarce inputs, bargaining power, capacity additions, switching constraints, and capital intensity. Explain why industry growth would—or would not—produce durable shareholder returns at each layer.\n3. Discover candidates through multiple complementary routes: industry classifications, competitors named in filings, customer/supplier disclosures, and relevant exchange or regulator listings. Reconcile the results; no arbitrary minimum source count establishes completeness. Retain the discovery route and evidence supporting each company's exposure.\n4. Verify issuer, exchange, share class, instrument type, reporting currency, and allowed-universe eligibility. Consolidate duplicate listings without losing ADR or liquidity differences. Distinguish pure plays from conglomerates and estimate segment exposure only when disclosures support it.\n5. Apply explicit screening criteria from the mandate. Keep an exclusion log with reasons and revisit conditions. An unavailable metric is unknown, not a zero or automatic failure. Present overlooked candidates and credible alternatives before proposing a research shortlist.\n\n## Errors to prevent\n\nA promoter's ticker list is a starting input, not the industry universe. Do not add revenue across overlapping value-chain layers to manufacture a market size. Large addressable markets do not establish accessible demand, margins, or investment returns. Today's leaders can be poor long-term investments if capacity competition destroys scarcity. A private company may explain industry economics but cannot enter a listed-equity ranking. Avoid claiming exhaustive global coverage after searching only English-language U.S. sources.\n\n## Deliverable and handoff\n\nFollow the [evidence standard](../../references/evidence-standard.md). Return an industry mechanism map, candidate table with identity and segment exposure, discovery/coverage notes, exclusions, shortlist rationale, and unresolved rank-changing questions. Link source and claim IDs. Separate business attractiveness from entry valuation. Give the director investigation priorities and financial inputs needed next; do not declare the investment winner from this screen. Finish when the stated discovery routes are reconciled and remaining gaps are explicit; label a partial universe conditional.\n"
}